BTC Targets $50,000 as SEC Officially Approves Bitcoin ETFs

The wait is finally over. The long-awaited game changer of crypto investing is here. The United States Securities and Exchange Commission (SEC) has officially approved spot Bitcoin ETFs from top asset managers, including ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex and Franklin Templeton

It has been a journey of years and the last few months of evaluation have been tense in the crypto community. The approval certainly represents a significant milestone as it’s expected to open Bitcoin (BTC) to institutional and more retail investors.

Bitcoin (BTC) Adoption on Flight

As earlier mentioned, the green light of Bitcoin ETF by the SEC is an open door to institutional investors who are skeptical of delving into Bitcoin investment.

The SEC order represents the removal of barriers that once hindered adoption. With the new order, more capital inflow into the crypto market should be expected.

As generally known, the approval did not come on a platter of gold. It took a thorough consideration by the SEC and legal tussles before the decision was finally made. Several factors were taken into consideration, including investor protection and market stability.

Over the last few days, the securities watchdog has been working closely with the Bitcoin ETF applicants to iron out some issues related to their filings to be certain of regulatory compliance once they are launched.

As many experts predicted, the new development is capable of pulling billions of dollars into Bitcoin (BTC) as its position as a legitimate asset class is being solidified.

What Changes For Bitcoin (BTC)? The approval enables investors seamlessly to buy and sell Bitcoin on traditional stock exchanges, which is a level of convenience the crypto community anticipates. Also, the approval has enabled investors to gain exposure to the movement of Bitcoin price without owning the underlying asset directly.

Bitcoin (BTC) in the Market

Since the big announcement was made, the crypto market has turned green, indicating that virtually all digital assets will leverage it to rise in terms of price.

The flagship crypto Bitcoin (BTC) has made a big move as expected, however, it has surged above $47,500, looking to make $48,000 the next support level. A continued rally will make BTC smash through $50,000 resistance for the first time in two years.

At the time of filing this report, BTC is trading at 47,606, with a 3% price upsurge in the last 24 hours, according to CoinMarketCap.

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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over seven years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.